KBRA assigns a preliminary rating to the Series A-1 Notes issued by AASET 2025-1 Limited and AASET 2025-1 LLC (together, AASET 2025-1), an aviation ABS transaction. AASET 2025-1 represents the 17th aviation ABS transaction serviced by Carlyle Aviation Management Limited and its affiliates (the Company). The Company is comprised of over 120 individuals operating out of three offices with headquarters in Miami, Florida.

Proceeds from the Series A-1 Notes and Series B-1 Notes will be used to acquire a portfolio of 23 assets (the Portfolio); consisting of 21 narrowbody aircraft and two widebody aircraft on lease (or expected to be on lease to) to 17 lessees located in 13 jurisdictions. As of January 15, 2025, the weighted average age of the Portfolio is approximately 8.8 years, and the weighted average remaining term of the initial lease contracts is approximately 5.3 years. The Portfolio has an initial value of approximately $673.1 million.

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Methodologies

• ABS: Aviation ABS Global Rating Methodology
• Structured Finance: Global Structured Finance Counterparty Methodology
• ESG Global Rating Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1007694

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